Mazagon Dock Shares Rise Over 5% After Rs 1,145-Crore Order Win

Shares of Mazagon Dock Shipbuilders Ltd. advances over 5% on Monday after the company received an order worth Rs 1,145 crore from Oil and Natural Gas Corp.

The order, for laying approximately 44.4 km of subsea pipelines in 19 segments, has to be executed by May 15, 2024, an exchange filing said on Friday.

Shares of Mazagon Dock Shipbuilders rose as much as 5.22%, before paring gains to trade 3.17% higher at 10:48 a.m., compared to a 0.02% advance in the benchmark Nifty 50.

The stock has risen 167% year-to-date. Total traded volume so far in the day stood at 3.2 times its 30-day average.

Of the four analysts tracking the company, two maintain a 'buy', one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.5%.